By early afternoon, shares had tanked 26.3% to $20.51.
After the bell Thursday, the California-based company reported first-quarter revenue of $74.4 million, less than $76.21 million expected by analysts surveyed by Thomson Reuters.
Meanwhile, guidance for its second-quarter revenue was between $88 million and $92 million and short FactSet expectations of nearly $102 million.
Compounding negativity surrounding the stock, analysts are getting bearish on the company.
Goldman Sachs downgraded to "neutral" from "buy," noting average customer spending is on the decline.
BMO Capital downgraded to "market perform from "outperform" and more than halved its price target to $25. Analysts said, while management has promised new products and reacceleration towards the latter half of the year, "Market rotation and relative near-term deceleration means FUEL moves into "prove it" territory for the time being."
Analysts at Citi, however, kept a "buy" rating but did slash target prices to $40 from $63. Analysts still expect top-line growth of more than 70% this year and 40% next year.